Latest news with #CompaniesAct1993
Otago Daily Times
21 hours ago
- Business
- Otago Daily Times
Exam delayed over cheating allegations
The University of Otago was forced to postpone a law exam due to alleged cheating. The Otago Daily Times has been told information was disseminated after a student took the company law exam a day early due to a timetable conflict. A spokeswoman for the university did not comment on the details of the alleged cheating, but confirmed the exam had been postponed and "an investigation is under way into what has occurred". "The law faculty dean made the difficult decision to postpone the exam on Friday. "For the affected students, a new exam will be run on Wednesday for those who can make it, and a second version will be run in the special exam period at the start of semester 2." Company law is a 400-level paper about "what a company incorporated under the Companies Act 1993 is and how it operates", the university's website said. Universities New Zealand chief executive Dr Chris Whelan said all New Zealand universities took cheating or other allegations of academic misconduct very seriously, and all had very vigorous and clear policies on the matter. "At Universities New Zealand, we work with the sector to enable the sharing of information and best practice in the wake of new technologies and other changes and challenges, but how each university implements and responds to incidents is up to them." Otago University's latest academic misconduct report showed there were 55 examples of misconduct last year, of which four related to exams and 51 to internal assessments. This compared with 79 examples in 2023, of which 12 related to exams and 67 to internal assessment.
Scoop
6 days ago
- Business
- Scoop
Viridian Seeks Clearance To Acquire Metro Performance Glass
The Commerce Commission has received an application from Viridian NZ Bidco Limited seeking clearance to acquire up to 100% of the shares in Metro Performance Glass Limited by way of a takeover offer under the Takeovers Code or scheme of arrangement under Part 15 of the Companies Act 1993. Viridian NZ BidCo is wholly owned by funds associated with private equity firm Crescent Capital Partners, which owns Viridian Glass GP Limited (Viridian Glass). At plants in Auckland and Christchurch, Viridian Glass processes imported glass into architectural glass products that it sells to window/door fabricators and merchants throughout New Zealand. Viridian Glass also provides ancillary glass installation services. Metro Performance Glass is a publicly listed company that, like Viridian Glass, is involved in the processing and installation of glass in New Zealand, and also has plants in Auckland and Christchurch. The Commission has today published a statement of preliminary issues in relation to Viridian's application. The statement outlines the key competition issues that the Commission considers important in deciding whether or not to grant clearance to the proposed acquisition. The Commission invites interested parties to provide comments on the likely competitive effects of the proposed acquisition. Submissions can be sent by email to registrar@ with the reference 'Viridian/Metro' in the subject line. Any submissions should be received by close of business on 19 June 2025. The Commission is currently scheduled to make a decision on the application by 28 July 2025. However, this date may be extended with the agreement of Viridian if the material before the Commission at that time does not allow it to be satisfied that the proposed acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in a market in New Zealand. The statement of preliminary issues and a public version of the clearance application can be found on the Commission's case register.
Otago Daily Times
07-05-2025
- Business
- Otago Daily Times
Businessman banned from being a company director for life
A Christchurch based-businessman and illegal tyre dumper has been banned from being a company director for life. The High Court order is the result of Michael Le Roy's repeated breaches of restrictions imposed on him while bankrupt, causing tens of thousands of dollars in financial losses and damage to an Amberley property where he stockpiled used tyres. The order permanently prohibited him from being a director or promoter of, or in any way directly or indirectly, taking part in the management of a company under the Companies Act 1993. Le Roy was sentenced to three years jail in 2022 for forging documents, misleading the Official Assignee, unpaid tax deductions for three separate companies of nearly $60,000 and taking part in managing companies while bankrupt. He was declared bankrupt in 2010 after his waste disposal business went into liquidation, leading him to abandon 500 tonnes of rubbish on a lifestyle block that he was leasing, leaving the landowner with a $45,000 removal bill. Le Roy was declared bankrupt for a second time in 2018, but continued to manage companies and later faced charges filed by the Ministry of Business, Innovation and Employment (MBIE) and the Inland Revenue Commissioner. He did not comply with a Canterbury Regional Council order to remove tyres from the Amberley property, with removal costs estimated to be around $500,000. He later leased a warehouse and owed around $65,000 in lease arrears, along with a $134,000 tyre removal bill for the owner when he was evicted. At his sentencing in 2022, Christchurch District Court judge Raoul Neave noted the significant losses that resulted from his offending. "Considerable havoc has been left in your wake," he said. "You ignored warnings both from MBIE and the Inland Revenue. You of course have the previous history of bankruptcy, so you knew what your obligations were, and you knew you were flagrantly in breach of those obligations." MBIE business registries investigations and compliance team manager Vanessa Cook said Le Roy was one of handful of people that had been banned for life from directing a business. "There is good reason for Mr Le Roy to be permanently prohibited from being involved in managing any company under section 383 of the Companies Act based on his previous convictions and the serious risk of financial harm to the public should he be allowed to carry on business activities in the future," she said. "Mr Le Roy's conduct to date is amongst the most serious of cases of this type."
1News
07-05-2025
- Business
- 1News
Chch man banned from being a company director for life
A Christchurch man has been banned from running a business for life after breaching restrictions imposed on him while bankrupt. In 2010, Michael Le Roy was first adjudicated bankrupt after his waste disposal business went into liquidation. According to the Ministry of Business, Innovation and Employment, Le Roy then abandoned 500 tonnes of rubbish on a lifestyle block he was leasing – which cost the landowner $45,000 to remove. Le Roy was adjudicated bankrupt for a second time in 2018, but continued to manage companies. He was later subject to charges filed by MBIE and the Inland Revenue Commissioner in 2020. In 2022, Le Roy was sentenced to three years imprisonment for forging documents, misleading an official signee, unpaid tax deductions for three separate companies of nearly $60,000, and taking part in the management of companies while bankrupt – which MBIE said was at least the second time he had done so. On April 29, 2025, the Christchurch High Court ordered Le Roy be permanently prohibited from being a director or promoter of, or in any way directly or indirectly, taking part in the management of a company under the Companies Act 1993. MBIE business registries investigations and compliance team manager Vanessa Cook said Le Roy is one of a handful of serious offenders who have been banned for life from being a director of a business. 'There is good reason for Mr Le Roy to be permanently prohibited from being involved in managing any company under section 383 of the Companies Act based on his previous convictions and the serious risk of financial harm to the public should he be allowed to carry on business activities in the future,' Cook said. 'Mr Le Roy's conduct to date is amongst the most serious of cases of this type.' At the sentencing, Judge R. E Neave noted the significant amount of loss which resulted from Le Roy's offending. 'Considerable havoc has been left in your wake,' Judge Neave said. 'You ignored warnings both from MBIE and the Inland Revenue. You of course have the previous history of bankruptcy, so you knew what your obligations were, and you knew you were flagrantly in breach of those obligations.' In a statement, MBIE said the prohibitions in the Companies Act 1993, are imposed to protect the public from individuals who have been unscrupulous, incompetent, or irresponsible in how they have carried on business.
Yahoo
03-04-2025
- Business
- Yahoo
Body Shop NZ enters liquidation with store closures and job losses
Cosmetics and beauty retailer The Body Shop's operations in New Zealand have entered liquidation, resulting in the cessation of all storefront operations and the loss of 70 jobs. An announcement on The Body Shop's website confirms that all bricks-and-mortar locations have ceased operations indefinitely, and the online store has halted order fulfilment. A statement on the website reads: "We extend our heartfelt gratitude to our valued customers for your unwavering support throughout the years. Your passion for our products and ethical values has meant everything to us." Official records from the New Zealand Gazette indicate that the liquidation process commenced on 27 March 2025, with Neale Jackson and Daniel Stoneman from Calibre Partners as its liquidators. The website states that: 'the undersigned does hereby fix 15 April 2025 as the date on or before which creditors of the company are to make their claims and to establish any priority their claims may have under section 312 of the Companies Act 1993'. Signals of distress were evident in January when The Body Shop NZ engaged voluntary administrators. It disclosed that efforts to find a purchaser for the New Zealand division had been unsuccessful, leading to initiatives aimed at selling off inventory and dismantling business activities. The company maintained a network of 16 retail outlets, employing 70 full-time staff, as reported by Radio New Zealand. According to the initial liquidation report, the company's total liabilities exceed $12m. The company possessed cash assets exceeding $2m, which are subject to the final costs of administration, as reported by local news media website Its parent entity in the UK avoided a similar fate in September 2024 when Aurea Group acquired its 113 UK stores and assumed control over its Australian and North American holdings. The Body Shop UK business was placed into administration in February 2024. "Body Shop NZ enters liquidation with store closures and job losses" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
